IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman Nochi Dankner, is considering merging holding company Discount Investment Corporation (TASE: DISI) with subsidiary Koor Industries Ltd. (TASE:KOR) as part of a general restructuring of IDB Holdings. Dankner might also merge IDB Holdings with IDB Development, Discount Investment's direct parent company. Discount Investment's sister holding company, Clal Industries and Investments Ltd. (TASE: CII) may also share in the possible consolidation.
The companies added in a joint notice to the TASE that their boards of directors have set up independent committees to review and facilitate possible mergers. The companies have not yet made any practical decisions on the matter.
Yesterday, IDB Holdings and Discount Investment published their financial results, reporting massive losses due to Koor's investment in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) and a huge write-off by IDB Development and Property and Building Ltd. (TASE: PTBL), a subsidiary of Discount Investment, on their joint venture with Yitzhak Tshuva's Elad Properties, the Plaza casino in Las Vegas.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011